Joint receivers have been appointed to Richard Keenan & Company Ltd (trading as Keenan System) today, Tuesday 12 April 2016.

Kieran Wallace and Cormac O’Connor of KPMG have been appointed as joint receivers following a request from the directors of the company after discussions with a potential investor concluded unsuccessfully.

Keenan's, which is based in Borris, Co Carlow, has recently suffered losses and is insolvent. The company employs 222 people, of which 176 are based in Ireland.

The business will continue to trade under the receivership, according to a statement from the company.

The joint receivers will now seek to sell the business and are confident that discussions underway with Alltech to acquire the business will progress to a successful conclusion.

A successful outcome would secure the business and employment at Keenan System, the statement says.

Keenan System

Keenan's manufactures diet feeders and mixer wagons which produce an optimal mix of feed for cattle that increases yield and quality from herds. It also provides a technology based review and support service to farmers.

Keenan's is a well-established brand with a strong track record in the production of quality machinery.

Alltech

Founded in 1980 by Irish entrepreneur and scientist Dr Pearse Lyons, Alltech aims to improve the health and performance of people, animals and plants through nutrition and scientific innovation, particularly yeast-based technology, nutrigenomics and algae.

Alltech has more than doubled its sales in the last four years to over €2bn. Internationally, it has been integrating its business, becoming more focused on direct sales to farmers.

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